A West Concord assisted living community is undergoing an expansion and renovation with the help of state financing.
MassDevelopment issued a $30.1 million tax-exempt bond on behalf of Volunteers of America — Massachusetts, the nonprofit owner of Concord Park, an 81-room facility on Commonwealth Avenue established in 2001.
Using the bond proceeds, Volunteers are constructing a three-story, 11,800-square-foot addition to Concord Park that will create 16 new units, according to Andrew Wise, a spokesman for Volunteers of America — Massachusetts.
The project, which began in late January, also involves converting six of its existing housing units into a new common area that will feature a theater, a fitness room, and a computer and game room. The remaining 75 existing housing units will be upgraded.
When it is fully completed in mid-2021, the community will offer 91 housing units, including 54 studios, 28 one-bedroom units, and nine two-bedroom units. Twenty percent of the units will be set aside as affordable.
East Boston Savings Bank and Eastern Bank partnered to purchase the bond, which also will be used to refinance previously issued debt.
Incorporated in 1934, Volunteers of America — Massachusetts operates three independent and assisted living facilities, including Concord Park, and provides behavioral health services to individuals, families, and veterans, and reentry programming for inmates in correctional facilities. In addition to assisted living, Concord Park features a memory care unit.
“We’re excited to usher in a new era of modern amenities at Concord Park,” Volunteers of America of Massachusetts President and CEO Charles Gagnon said in a statement. “The construction will create upgrades and increase space, benefitting the residential experience.”
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